Shocking Video! Democrats Covering Up Fannie/Freddie Scam That Has Caused Our Economic Crisis (Repost)

THE DEMOCRATS SCAM AMERICA!.

This video (below) shows excerpts from a hearing to investigate Fannie Mae and Freddie Mac’s illegal bookkeeping practices that was held in 2004.

Representative Richard Baker, (R), Louisiana, Chairman of Government Sponsored Enterprises Subcommittee said, “It is a troubling report but a report of extreme importance, not only to those who wish to own a home, but to the taxpayers of this country who would pay the cost of the clean-up of an enterprise failure.”

Maxine Waters (D), said, “…..trying to fix something that wasn’t broke.  We do not have a crisis at Freddie Mac and particularly Fannie Mae under the outstanding leadership of Mr. Frank Raines.”  Notice how they cover for each other.  She continues, praising the use of innovative financing from “desk top loans to 100% financing.”

And Representative Meeks (D) is “pissed off” because they are bringing these activities up and he is berating those who were trying to get some accountability, and particularly the OPHEO Chairman, Armondo Falcon.

And then you have Mr. Lacy Clay (D) who plays the race card, calling the investigation of the illegal activity by Frank Raines, Fannie’s CEO, a political lynching.

And remember Franklin Raines?  The very same Franklin Raines who is a financial advisor for the Obama campaign and who walked off from Fannie Mae with a $22 million dollar severance package.

I mean, just play the video because there is much more “in their own words” verification of what has actually caused this financial crisis for which some $700 billion dollars of taxpayer money is now being requested to bail out our country from financial ruin.

I cannot even say how bad this is.

For starters, I think they should go after every single asset of these people on this video who are speaking against the attempt to avert this crisis.  We know who they are and we know where to find them.  In fact, some have been brazenly making appearances on the national media lately trying to blame republicans for this mess.

Things do have a way of disappearing…..

So Note:  01.03.12 – This video can be seen at http://www.youtube.com/watch?v=ebWJ892h5dA

Barney Frank (D) and Chris Dodd (D) are major players at fault.  This is so disgusting.  How do you know when Chris Dodd is lying?  So absolutely disgusting.
http://avenue-of-rememberance.blogspot.com/2008/09/how-do-you-know-when-chris-dodd-is.html

More verification in this presentation below:

http://video.yahoo.com/watch/3592766?fr=yvmtf

Posted 09.27.08

33 Comments

Filed under Barack Obama, Media, politics, Uncategorized

33 responses to “Shocking Video! Democrats Covering Up Fannie/Freddie Scam That Has Caused Our Economic Crisis (Repost)

  1. Bella

    Here is the thing why isn’t this being reported in the Mainstream Media. It is just Politics all you hear about is the squabbling and blaming John McCain for going to Washington. The Bill was dead before John McCain ever got there and we know now the pork they were trying to stuff into the Bill.

    We are basically bailing out the frauds who did this to us in the first place. No wonder the Democrats want this done so fast, the longer it stays in the Media the more the Average American gets clued into the Fraud that was perpetrated on us.

    The Fiscal irresponsibility of this Administration that is the Democrats line. We really need to vote in brand new people. Hoyer is trying to lay it off on Bush. All the evidence goes straight back to the Democrats.

    Like

  2. bellalu0

    Laree, it is an outrage. Good question, why isn’t the media reporting this? They are allowing Barney Frank and Chris Dodd to come out and act as though they are actually rescuing the country, when, in fact, they were all responsible for this fiasco.

    But the MSM has let the country down and they continue to do it. I have so little faith in anything they say anyway.

    The evidence is there as to who is responsible for this mess and it just keeps piling up. They have sold our country down the drain. Democrats all.

    Privatized profits. Socialized loss.

    Like

  3. Bella

    ChannelXRFR, put up a new Post on Imus Times, I did leave a message along these lines

    “Paulson” himself has an incestuous relationship with Goldman Sachs, which is going to be saved.

    I need a break when I watch the news cycle I can pick out each one of those weasels now they know they are peddling Crap talking points. I have reached my BS tolerance and need to do something enjoyable. They truly are lower then a snake’s belly. These are the same folks who hate Sarah Palin. NO WONDER.

    Lets pray, The house Republicans can hold the line so far so good.

    I have been watching Neil Cavuto, he is about the only one I can stand listening to 🙂 Capitalism it is what it is, It’s isn’t sometimes Socialism.

    Like

  4. Ginger

    The Republicans need to get this video OUT THERE…they need to stop being punching bags and get the word out, call a press conference, whatever, but make known the contents of this video, and all scream to kingdom come about the acorn pork bs! The Republicans are going to lose this election if they/we don’t start fighting harder.

    Like

  5. Anonymous

    Labeling Frank Raines “Obama’s Economic Advisor” is a bald-faced lie. It is a complete fabrication.

    Like

  6. bellalu0

    The James Johnson, former CEO of Fannie Mae, connection is more damning to Obama who chose the ex-mortgage mogul to vet his vice presidential choice. And the VP chosen, despite many positives, is way too cozy with subprime/credit card lenders and has sponsored pro-foreclosure legislation. Really poor judgement by Obama to involve Johnson.

    Really, really poor judgment.

    Like

  7. diogenes

    “Really poor judgement.”
    “Really really poor judgement.”

    It’s amazing that you would have the nerve (or stupidity) to criticize Obama’s judgement in the selection of Joe Biden as his VP.

    Because if there is EVER a presidential candidate that deserves not just criticism, but wrath of the voters, for his VP selection, it is McBush’s selection of Sarah “I Can See Russia From My House, and I’ll Keep An Eye On Putin Rearing His Head Across Our Narrow Maritime Border” Palin.

    Like

  8. bellalu0

    Mr. Anonymous, take it up with the Washington Post.

    Here’s what the Post has today (9/19/08):

    The McCain campaign cited a July Washington Post profile of Raines as the source for his connection to Obama. In that profile, it was reported that he had “taken calls from Barack Obama’s presidential campaign seeking his advice on mortgage and housing policy matters.”

    In a statement issued by the Obama campaign late Thursday, Raines strongly denied having provided counsel to Obama, saying: “I am not an advisor to Barack Obama, nor have I provided his campaign with advice on housing or economic matters.”

    That’s all, which I take to mean the WaPo stands behind its original reporting. If the original reporting is true, then Raines is an Obama advisor and a liar.

    http://althouse.blogspot.com/2008/09/so-is-franklin-raines-obama-economic.html

    Like

  9. bellalu0

    Here are a few articles of interest about Raines from the Washington Post:

    * March 2005: Perverse executive pay forced Raines out of his job.
    * May 2006: Extensive fraud at Fannie Mae under Raines’ direction, generating over $50 million in bonuses for nonexistent growth.
    * April 2008: Raines gives up $24 million in future payouts to avoid criminal charges in Fannie Mae fraud, although most of that was in worthless options; he pays $2 million in cash.

    Note that Raines continued to advise Obama even after that settlement. It’s not as though Obama didn’t know Raines’ past. Apparently, he just didn’t care.

    http://hotair.com/archives/2008/09/18/mccain-hits-raines-in-new-ad-advice/

    Like

  10. bellalu0

    Money received from Fannie Mae — Top 3:

    Dodd, Christopher J CT D $165,400
    Obama, Barack IL D $126,349
    Kerry, John MA D $111,000

    See all at:

    http://www.opensecrets.org/news/2008/09/update-fannie-mae-and-freddie.html

    Like

  11. diogenes

    Funny how you delete things you cannot argue with, eh, Bella?

    You make the gigantic mistake of talking about Obama’s “very very poor judgement” in selecting Biden as his running mate, without even considering the reverse: that McBush showed THE WORST judgement in picking Palin who, as time goes by, proves herself to be incomprehensible.

    Country First? Not a chance! McBush pandered to the PUMAs and picked the only female Republican he could find. And it shows!

    Like

  12. bellalu0

    diogenese, I just discovered your brilliant post above in the spam filter. Actually, there were two of them. I am putting them up, but the day has come that I will not allow you or anybody else to refer to my “stupidity” or any of your other insults you so love to throw around, on my blog in my space. If you do it again, I will delete it in a heartbeat.

    Like

  13. Bella,
    Thanks for outing all of these hypocrites. It is SOOO funny to see how quickly their defenders try to deflect and divert when caught red handed in a lie.
    Keep up the good work and fighting the good fight!

    NOBAMA 08′

    Like

  14. bellalu0

    diogenes, I just re-read your comment to me on the really, really poor judgment of Barack Obama. I was talking about his really, really poor judgment in choosing Jim Johnson, former CEO of Frannie Mae, to help him choose his vice-president, not his choice of vice-president.

    And his really, really poor judgment in asking Franklin Raines, former CEO of Fannie Mae and thief, for advice on housing and mortgage issues.

    * March 2005: Perverse executive pay forced Raines out of his job.
    * May 2006: Extensive fraud at Fannie Mae under Raines’ direction, generating over $50 million in bonuses for nonexistent growth.
    * April 2008: Raines gives up $24 million in future payouts to avoid criminal charges in Fannie Mae fraud, although most of that was in worthless options; he pays $2 million in cash.

    Note that Raines continued to advise Obama even after that settlement. It’s not as though Obama didn’t know Raines’ past. Apparently, he just didn’t care.

    And since I’m on it, I’ll add his really, really poor judgment in his choice of a pastor who is racist and anti-American.

    If you sleep with dogs, you get up with fleas.

    Like

  15. Bella,

    This is from Quebec, even the Canadians get that this is a Power Grab. From the Great White North.

    http://network.nationalpost.com/np/blogs/fpcomment/archive/2008/09/29/bailout-marks-karl-marx-s-comeback.aspx

    Like

  16. bellalu0

    And speaking of Karl Marx:

    “One of the pillars of Obama’s home church, Trinity United Church of Christ, is “economic parity.” On the website, Trinity claims that God is not pleased with “America’s economic mal-distribution.

    Among all of controversial comments by Jeremiah Wright, the idea of massive wealth redistribution is the most alarming. The code language “economic parity” and references to “mal-distribution” is nothing more than channeling the twisted economic views of Karl Marx.”

    http://www.acton.org/commentary/443_marxist_roots_of_black_liberation_theology.php

    Like

  17. Bella they took down the original video burning down the house had over a 1 million hits but here is a copy this video isn’t going away people are being skooled. They claimed it was the music look how many you tube videos there are of music, it is fair use if you are not making money off of it and it wasn’t. The Thugs are out, too late people have seen this and it needs to keep being copied so it can keep being put back up everywhere.

    Like

  18. bellalu0

    Thanks, Ree. I am starting a new post with the video. That freedom of speech can be so pesky at times.

    Like

  19. Ginger

    Yeah, Ree and Bella, I just looked at the video now with a classical music background. I actually really like it with the classical music. The classical music, I’m sure, will have no copyright issues, because since it’s by a dead composer most probably, it’s not a problem.. People can be so ingenious and creative when they want to get out the truth. I love it. It has a silent movie effect. I wish they had kept the music going through the video.. but more importantly, the video is backed up with amazing info that everyone who is voting shoud see.

    Like

  20. diogenes

    So when do we talk about McBush’s really really bad judgment?

    When McBush picked, as his financial mentor, Phil Gramm. The same Phil Gramm who announced that we were “a nation of whiners” and that what we were suffering from was a “mental recession”. (Wonder what it was that Wall STreet experienced yesterday?)

    When McBush picked as his VP candidate Sarah Palin. See Russian from my house. Commander in Chief of the Alaskan National Guard. Financial bailout is good for those concerned about health care, and the housing market and and and. ‘Nuff said.

    When McBush suspended his campaign to broker a baliout plan. Ooops. (What DID he suspend, anyway? All he did was cancel personal appearances. McCain offices in battleground states thought reporters were nuts when they asked whether they were going to suspend operations.

    Buy a vowel or phone a friend, McBush. Get yourself back to the home ASAP, before you hurt yourself.

    Call a Code Blue, bella. Your (newest) candidate (not the original one, Hillary, who has mysteriously disappeared from ALL conversations about the financial mess) is gonna be on life support (metaphorically speaking) any day now.

    Like

  21. Ginger

    Way to go, Bella, regarding diogenese…
    diogenes is like a snake that slinks through the internet and leaves his or her venom as he/she winds through the words and thoughts of others. Causing conflict among others is the goal…not happy until that is accomplished.

    Like

  22. diogenes

    No, all I’m trying to do is suggest to some of the denser elements of American society (most of which seem to congregate in blogs like these, bemoaining Hillary’s fate and praising all things McBush and Palin) that all evil in the world does NOT center upon Barack Obama. And that we’d all be better off if we quit being so partisan in everythings we do.

    I realize that you idealogues would probably feel a lot better about yourselves if you just could delude yourselves into believing that you all had all the answers and that there IS no “conflict” out there. There is. The world is not always an idyllic place like the photos bella has on her masthead.

    In what bizarroworld does asking questions about any candidate ocnstitute “venom”? If the choice is between truth and tranquility, give me truth; it’s real, at least.

    Can you people really watch Sarah Palin, VP hopeful, being interviewed by Katie Freakin’ Creampuff Couric and not feel nauseous? When asked to name a single Supreme Court case EVER — other than Roe v. Wade — Palin could not nae a single case? Not one? Not (just for example) Dred Scott? Brown v. Board of Education? Miranda? Gideon? Marbury v. Madison? Plessy v. Ferguson?

    Not even that best seller, Bush v.Gore?

    That is flat out SCARY to think of ANYBODY having a shot at the VP slot with such an appallingly low knowledge of American history and government.

    But there I go again, spreading venom in the form of truth!

    Like

  23. jane

    Hey repubs, you had absolute power in Congress in 2004. Why didn’t you pass regulation? You had a clear majority. Why? Because the majority of repubs did not agree with the need for regulation.
    You are so incredibly partisan to show the DEMS here but you show no REPS. This is your making for failure to pass legislation .. you had a huge majority. Bush has the power to pass regulation. You didn’t …

    Like

  24. bellalu0

    Jane, let me be clear. I am 100% for John McCain and Sarah Palin. I never have been, nor have I ever claimed to be, “non-partisan.”

    I’ll leave it up to you to come up with a video showing the republicans in denial and bashing the chairman of the regulatory agency, OPHEO, who is trying to point out to them that there is some serious fraud and theft going on in Fannie Mae.

    That said, let me ask you a question: If Bush and his administration had not brought this crisis before the congress, what was the Democratic Party-controlled congress going to do about what has been sold to us as the total meltdown of the U. S. economy (and even global economy) that will happen in a matter of days? Even in 2008, they didn’t appear to know nor care that there was a problem.

    I guess Nancy Pelosi was busy getting her Botox injections and Barney Frank was busy…..well, I won’t go there.

    Like

  25. bellalu0

    diogenes, I feel much more nauseated when I hear this. Just one day in the life of Barack Obama and Joe Biden.

    Or this. Barack Obama without a teleprompter:

    In your own words, “It’s flat out SCARY” to think of this man in the White House. I’ll bet Sarah Palin knows there are not 57 states and doesn’t think that Arkansas is closer to Kentucky than Illinois. And I’ll bet you she for sure knows there’s no “Great Lakes of Oregon.”

    Like

  26. Michelle

    The first thing Obama will do is take away your guns. Then he will make it illegal to speak against him as-in “talk radio.”

    Like

  27. mike higgins

    Regardless of who wins, not much will get done. I believe that there will be 5 senate seats lost to the dems. If Obama wins, there will be about 120 days of a love fest, then things will tighten as he will have to jockey for position among the super-radical, radical and moderately radical factions of his party. If McCain wins, with a dem majority approaching 60 seats, he’d be well advised to take a page from Clinton and practice his executive order option–liberally and frequently.

    Like

  28. spwgrace

    Please consider voting for Bob Barr, the Libertarian Party candidate for president.

    There are a number of good reasons. Clearly McCain has no chance now. He shot his bolt.

    Moreover, why vote for McCain? He voted for the bailout, just like Obama. Why not send a message to both parties that it is time to vote on principles.

    Only Bob Barr is moral enough and conservative enough to deal with the issue of housing, Wall Street, and the rest of the current mess. And he has not got anyone on his campaign who was a lobbiest, and he has not accepted any contributions from Fannie or Freddie.

    Here’s a recent press release from Bob (who has the backing of Rep. Ron Paul):

    Press Releases › Wall Street Benefits Twice from Bailouts

    October 11, 2008 11:36 am EST

    Senator John McCain attempted to disguise reality by calling the $700 billion Wall Street bailout a “rescue,” but it’s obvious that the only people he and his colleagues were rescuing were the executives who had made bad investment decisions, as well as the politicians who had pushed increased mortgage lending, irrespective of cost, triggering today’s crisis. Now it turns out that the companies getting bailed out will benefit twice.

    Most everyone has seen the story of how executives at AIG partied at a resort after the taxpayers were stuck with the bill for an $85 billion bailout—now being supplemented with another Federal Reserve loan of $37.8 billion. But what’s $440,000, including more than $23,380 for spa services, among friends when the taxpayers are paying?

    Normally politicians wouldn’t have any business complaining about the cost of a corporate retreat, but what might be unexceptional for high-flying companies in a booming economy becomes outrageous when taxpayers are getting stuck with the bill. In this case they are paying twice, with the company collecting a new loan because its bottom line is even worse than originally thought.

    Loan-two to AIG is small change compared to the extra benefits that Wall Street will receive. Many of the largest firms will be going to the spa, figuratively, at least. You see, someone has to manage all of the securities and other assets that the government plans on buying with taxpayer funds. And who better to manage them than the very companies that bought the bad paper in the first place!

    The Treasury Department has requested proposals for asset managers, and according to the Wall Street Journal, the government “wants large, established firms with significant assets to work for the government’s program.” That means managing at least $25 billion, and in some cases at least $100 billion, in private assets. There will be a lot of money in fees—typically 1 percent of the assets managed, which could come to as much as $7 billion a year or more if government purchases go past $700 billion, as is widely expected.

    Wall Street is looking forward to milking this latest cash cow. Since government jumped into the investment business, the Journal tells us that “a range of firms—from large investment banks to boutique real-estate companies—have been angling to grab some of the advisory business.” Representatives of some companies showed up in Washington to lobby even before Congress approved the bailout. And who can blame them? The Journal reports that “sales, financing and other traditional forms of real estate business have dried up with the credit crisis.”

    Of course, most of these firms helped cause that very crisis. Most of the companies bidding for government business are suffering big losses and preparing to unload lots of bad paper on the government. Bad paper that other big companies with big losses and lots of bad paper will manage.

    And so the circle will go on endlessly, at taxpayer expense.

    The only problem is potential conflicts of interest, since companies will, notes the Washington Post, “be managing the assets while also selling their own troubled securities to the government.” But officials say they will attempt to “minimize” any conflict. No doubt, Washington won’t let a little thing like ethics stand in the way of letting everyone on Wall Street profit.

    Indeed, politics are starting even before the president’s signature on the bill is dry. One analyst predicts that the Treasury Department will focus bailout funds on regional banks and thrifts, thereby providing “critical political support for Treasury’s efforts.” After all, “Congressmen who had to swallow hard to vote for this think will feel a lot better about it if they see the impact in their local communities.” Which is just another name for pork, like the spending programs and tax preferences loaded into the $700 billion bailout bill to win votes for passage.

    All of this is politics as usual in Washington, and it won’t change whether Sen. Barack Obama or Sen. John McCain is elected president. Both of them supported the $700 billion Wall Street bailout, as well as the many other bailouts that preceded it. Both of them are part of the political establishment that helped create today’s economic problems. Neither of them will take the steps necessary to ensure that this sort of economic crisis doesn’t hit again. Only Bob Barr and the Libertarian Party are offering the sort of fundamental change that the American people need and deserve.

    And here’s an article about the upsurge of interest in Bob Barr from the Atlanta Constitution:

    The Wall Street debacle and the Barr effect

    Friday, October 10, 2008, 04:20 PM

    The Atlanta Journal-Constitution

    Just checked in with Russ Verney, the campaign manager for Libertarian presidential candidate Bob Barr.

    Verney said the Wall Street crash and bailout has revived Barr’s standing as a factor in the 2008 presidential race.

    “We’re seeing an enormous amount of activity coming in from the web site, from people opposed to the bailout,” Verney said.

    Many are die hard Republicans, he said. “They’ve had it, they’re coming over and they’re bringing their friends.”

    This low-key but effective criticism of the $700 billion Wall Street rescue, videotaped in Barr’s Smyrna headquarters and posted on YouTube, is driving much of the traffic.

    Verney said Barr’s new standing in the presidential campaign remains hard to measure. “Most of the polling eliminates us,” he said — under the label of “other.”

    Here’s Bob’s Web site: http://www.bobbarr2008.com/

    Like

  29. spwgrace

    I am not voting spoiler in this race, too much at stake a Progressive in the white house, and two Progressive leaders of the House and Senate NO THANKS.

    Like

  30. Ginger

    I agree.. no spoiler voting this time around. Spoilers will just give it to Obama.

    Like

  31. Responder

    I thought Bob Barr was a game show host???

    Like

  32. Funny Poll observations, on Which Celebrity do you dislike the most poll.

    http://sarah-palin-2008.blogspot.com/2008/10/and-winner-is.html

    Like

  33. diogenes

    And I thought John McBush was actually Mr. Wilson from Dennis the Menace.

    Like

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